Filling market gaps! [2006]
- Date : (2006-01-04)
- Author : SAIE
How can you be sure you are filling a gap in the market?
The history of business is filled with entrepreneurs who thought they’d found a great gap in the market. They’d become so excited about their ideas, that they became blind to the honest truth: no-one wanted what they had to offer. Two examples include chocolate bacon and solar-powered torches.
So, if you’ve spotted a gap, don’t forget to do a REALITY CHECK!
Will customers really want or need my product or service?
Will my product or service be good enough and priced right to attract customers away from my competitors?
Do I really have the right skills and knowledge to compete in the market?
Will I be able to keep up with demand if my product or service is successful?
Will I be able to use my network of contacts to help me to successfully market my product or service?
Now what do you do?
Suppose you have spotted a gap in the market and done a reality check. What do you do next? Ask yourself the following questions to help you take your business from idea to reality.
What equipment will I need. How much will it cost?
Who will supply me with materials? How much will they cost?
Where shall I operate my business? How much will premises cost?
What price can I realistically sell my product or service?
How will I promote my product or service?
How much can I realistically sell?
Who can help me make my business a success? Can I rely on friends, family or other entrepreneurs?
